When asked by Alex Polizzi: “What is your exit plan…or do you intend to keep doing this until there is an upturn in Big Space’s fortunes?” Lester replied “Death is my exit plan”
When I heard this answer on BBC Two last night* I asked myself where does that plan leave your loved ones when you are in the wooden box?
The answer could be either with the proceeds of a life assurance policy or the proceeds from the auction of your business.
It’s your exit…
There are really only two choices for an exit plan either voluntary or the wooden box.
In my experience owners tend to leave it too late before they work on their exit plan and so reduce their options. With a voluntary plan you have three choices. In reverse order of value these are:
- Wind-up the business;
- Pass onto the family; or
- Sell for a capital sum
What can I do for you?
It’s lonely being a business owner and it can be difficult to confide in your team. I seek to help owners who have decided a wooden box is not an exit plan. I help them move onto the next stage of their life having received what they deserve for their business.
There is no hidden agenda on my part. I am not a broker with a list of buyers waiting to pounce. I work with coaches and other advisers, where necessary, to help you build a more sellable and so a more valuable business.
Through a coherent and transparent exit plan, I will seek to maximise what you get to keep in your back pocket with the minimum of risk.
Let’s set out an exit plan. At least it will enable you to get what you deserve.
If you do not decide to sell, you’ll get your life back before you are in the wooden box.
I look forward to hearing from you.
Assynt Corporate Finance Limited, Chartered Accountants, is a member of The Corporate Finance Network which means we access resources, particularly in the areas of advertising businesses for sale discreetly and accessing those lists for our clients who want to acquire business. The information contained in this briefing is based on information available as at 4th February 2015 and may be subject to amendment.
It is written as a general guide and is not a substitute for professional advice. You are strongly recommended to obtain specific professional advice from us before you take any action. No responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this briefing can be accepted by Assynt Corporate Finance Limited or its director.
*BBC Two “The Fixer” 3rd February 2015.
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